What the company does
The Noida-based company provides digital-commerce enablement and software services across online storefronts, ONDC integrations, custom software, mobile applications, cloud and DevOps and digital marketing.
ENS describes proprietary SaaS products, but the RHP's service-wise table records no subscription-based revenue in FY24, FY25 or FY26. FY26 revenue was 76.82% one-time project fees and 23.18% recurring services, so the current economics remain service- and project-led rather than subscription-led.
The final RHP records 100 employees at 30 June 2026, including 92 in engineering and technology, after reporting 127 employees at FY26. Promoters are Manish Kumar Srivastava, Avinash Kumar Singh and Anupam Kumar Srivastava; Manish Srivastava also serves as CFO, concentrating operating and financial oversight.
The RHP says promoter Anupam Kumar Srivastava resigned as whole-time director from 1 December 2025 but remains a promoter and shareholder. The transition leaves Manish Kumar Srivastava as the sole executive director disclosed on the four-member board and as CFO.
ENS had no long-term or exclusive customer agreements at the RHP date. Its largest customer contributed 18.85% of FY26 revenue, the top five 49.32% and the top ten 69.17%, making relationship continuity and project renewal more important than contracted backlog.
Where the IPO money goes
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT | Net worth | Borrowings | Assets |
|---|---|---|---|---|---|---|
| FY24 | ₹10.11 Cr | ₹1.38 Cr | ₹0.9 Cr | ₹1.9 Cr | ₹0 Cr | ₹3.66 Cr |
| FY25 | ₹28.33 Cr | ₹5.48 Cr | ₹3.7 Cr | ₹10.04 Cr | ₹0 Cr | ₹20.89 Cr |
| FY26 | ₹51.37 Cr | ₹11.71 Cr | ₹8.4 Cr | ₹18.44 Cr | ₹3.97 Cr | ₹32.46 Cr |
Restated financial information from IPO source materials; rounding may create small differences.
FY24–FY26 revenue CAGR
125.4%
Revenue increased from ₹10.11 crore to ₹51.37 crore in two years.
FY26 EBITDA margin
22.8%
Up from 13.7% in FY24 as reported scale increased.
FY26 PAT margin
16.4%
PAT rose to ₹8.40 crore from ₹0.90 crore in FY24.
FY26 RoNW
58.97%
The final RHP's pre-issue return ratio, down from 62.01% in FY25; it is based on year-end net worth rather than the much larger post-issue equity base.
Fresh issue / FY26 net worth
179.7%
The ₹33.14 crore gross fresh issue is about 1.8× FY26 net worth of ₹18.44 crore and equals 26.50% of post-issue paid-up capital.
Cap price / pre-issue NAV
4.99×
Derived from the ₹92 cap and FY26 NAV of ₹18.45 per share; final post-issue NAV was not populated in the RHP.
Three-year promoter lock-in
27,19,000 shares
Presented by the RHP as 20.00% of post-issue capital: 9,06,334 shares each from Manish and Avinash, and 9,06,332 from Anupam. The excess promoter holding is split between 23,83,081 shares for two years and 23,83,080 for one year.
FY26 operating cash flow
-₹1.10 crore
Negative despite ₹8.40 crore PAT, after positive ₹2.50 crore in FY25.
FY26 revenue model
76.82% project
Recurring services were 23.18%; the RHP records nil subscription-based revenue for FY24–FY26.
BSE post-close category book
3,15,68,400 bids / 12.2529×
Official 5:00 p.m. IST 18 August book against 25,76,400 displayed post-anchor shares: QIB 9.4368×, NII 17.1813× and retail 11.0020×. The pool still includes 1,81,200 market-maker shares; demand equals approximately 13.18× the 23,95,200-share residual public pool by calculation. Issue-price and allotment reconciliation remain pending.
BSE cap-price demand curve
3,15,30,000 shares / 99.76%
BSE's cumulative price-demand table at 7:04:52 p.m. IST shows 3,15,30,000 shares at ₹92 versus 3,16,06,800 at ₹87. The ratio is derived and indicates limited price drop-off within the submitted book; it does not confirm the final issue price or allotment.
Planned workforce expansion
65%
The ₹17.02 crore programme proposes 65 hires against 100 employees disclosed at 30 June 2026, including four senior leadership and 30 R&D roles.
Annual planned hiring cost / FY26 revenue
33.1%
The ₹17.02 crore estimated annual CTC equals about 2.0× FY26 PAT; recruiting commissions, taxes and overruns are funded separately from internal accruals.
FY26 trade receivables
₹17.11 crore
Receivables were approximately 33.3% of FY26 revenue and increased from ₹11.16 crore in FY25.
FY26 receivables over six months
₹2.60 crore
15.2% of the ₹17.11 crore receivable book was older than six months, although the entire balance was classified as unsecured and considered good.
FY26 short-term advances
₹8.23 crore
Included ₹5.39 crore advanced to vendors and a ₹2.73 crore inter-corporate deposit, creating material counterparty and recovery exposure.
Capitalised software assets
Nil
The FY26 balance sheet reports no intangible assets and no intangibles under development despite the proprietary-SaaS narrative.
FY26 TDS payable
₹63.54 lakh
The RHP says the balance was outstanding at 31 March 2026 and the company was in the process of depositing it; subsequent payment was not verified in the primary offer documents.
Delayed corporate filings disclosed
31
The RHP's schedule spans ADT, AOC, MGT, DIR, MR and PAS forms; the longest delay was 3,447 days for a 2016 ADT-1 filing completed in July 2025.
FY26 director/family remuneration
₹1.20 crore
Derived from the RHP related-party table: ₹45.00 lakh to the whole-time director/CFO, ₹11.25 lakh to the chairman, ₹30.00 lakh to the resigning whole-time director and ₹33.75 lakh to a director's spouse.
FY26 revenue outside India
11.05%
₹5.68 crore of FY26 revenue was generated outside India, up from 8.98% in FY25; the business remains predominantly domestic but has a measurable currency and cross-border delivery exposure.
Unbilled trade receivables
Nil
The restated schedules report no not-due or unbilled trade receivables in FY24–FY26; the ₹17.11 crore FY26 balance was billed receivables rather than contract assets awaiting invoicing.
IPO-funded payroll horizon
Initial year only
The RHP states that salaries and advance software tools under the product-upgrade object are funded by IPO proceeds only initially; recurring costs must then be met from operating cash flow and internal accruals.
Quoted non-current investment
₹6.03 crore at cost
ENS held 2,88,800 Macobs Technologies shares; the RHP reports an aggregate market value of approximately ₹5.99 crore at FY26.
Inter-corporate deposit
₹2.50 crore at 10%
The unsecured facility to ACME Corporate Advisors carries quarterly interest on a reducing-balance basis; the FY26 short-term-advance table records ₹2.73 crore, which requires reconciliation to principal and accrued amounts.
ICICI cash-credit utilisation
79.5%
₹3.97 crore was drawn from a ₹4.99 crore on-demand line at 9.30%, secured by current assets and personal guarantees from all three promoters.
FY26 largest customer
18.85% of revenue
The top five represented 49.32% and the top ten 69.17%; ENS disclosed no long-term or exclusive customer agreements.
What stands out
- ENS addresses digital-commerce, ONDC, mobile and cloud implementation needs through an integrated engineering and marketing portfolio.
- Revenue more than quintupled between FY24 and FY26, while EBITDA margin expanded from 13.7% to 22.8% and PAT margin to 16.4%.
- Recurring service revenue improved to 23.18% of FY26 revenue from 16.68% in FY25, although the RHP records no subscription-based revenue in either period.
- The 10,26,000-share anchor allocation at ₹92 raised approximately ₹9.44 crore before the public book opened.
- The entirely fresh issue allocates most proceeds to technical manpower and IT infrastructure, with no cash paid to selling shareholders.
- Although not mandatory for an SME offer below ₹50 crore, ENS appointed Brickwork Ratings India as monitoring agency for quarterly review of proceeds until full utilisation.
Key concerns
- FY26 operating cash flow was negative ₹1.10 crore despite ₹8.40 crore PAT. Profit growth therefore did not translate into cash in the latest year.
- Top-ten customers generated 69.17% of FY26 revenue, up from 60.12% in FY25. Individual contracts, renewals, project completion and payment delays can materially affect results.
- The RHP cash-flow statement shows ₹6.05 crore invested in shares in FY26 and ₹2.50 crore of inter-corporate deposits in FY25. Treasury allocation, counterparties, liquidity and related-party status require scrutiny.
- The quoted holding was 2,88,800 Macobs Technologies shares carried at ₹6.03 crore against a disclosed aggregate market value of about ₹5.99 crore. The modest mark-to-market gap is less important than the capital-allocation question: the position represented 18.6% of FY26 assets while core operations generated negative cash flow.
- The ACME Corporate Advisors deposit was an unsecured ₹2.50 crore facility at 10% for the borrower's business needs, while the FY26 short-term-advance schedule records ₹2.73 crore. Counterparty repayment, interest collection and the difference between the contractual principal and accounting balance are not independently resolved in the RHP.
- Short-term borrowings rose to ₹3.97 crore in FY26 after nil reported debt in FY24 and FY25, even as revenue and accounting profit increased.
- The ICICI working-capital line was repayable on demand, cost 9.30% and was 79.5% utilised at FY26. Its charge over current assets and personal guarantees from all three promoters tie liquidity directly to collections and lender renewal despite the apparently modest debt/equity ratio.
- The RHP records no subscription-based revenue in FY24–FY26 despite the proprietary-product narrative. Without product revenue, churn, contract duration and retention data, a software-product multiple would be misleading.
- The entire ₹17.11 crore FY26 receivable book was classified as considered good even though ₹2.60 crore was older than six months. Because the revenue policy also requires ultimate collection to be reasonably expected, subsequent collections, write-offs and impairment judgements are important cash-quality checks.
- Short-term loans and advances reached ₹8.23 crore, including ₹5.39 crore to vendors and a ₹2.73 crore inter-corporate deposit. These balances require counterparty-level recovery evidence rather than being treated as operating liquidity.
- ENS reports proprietary SaaS products, but the FY26 balance sheet shows nil intangible assets and nil intangibles under development. That does not disprove internal product development, but it leaves investors without a capitalised-software roll-forward to reconcile development spend, product ownership and future amortisation.
- Hiring funded by ₹17.02 crore of proceeds creates utilisation risk: employee costs arrive before project wins, product adoption and customer collections.
- The RHP funds salaries and advance software tools only for the initial year. Thereafter the enlarged cost base is expected to be supported by revenue growth, operating cash flow and internal accruals, despite FY26 operating cash flow already being negative ₹1.10 crore.
- The 58.97% FY26 RoNW was earned on the pre-issue balance sheet. The ₹33.14 crore fresh issue is about 1.8 times FY26 net worth, so preserving that return rate would require a step-change in profit and cash conversion after the hiring and technology programme expands the capital base.
- The 65-position hiring budget is based on a single six-month quotation dated 26 March 2026, and no definitive vendor agreement had been signed. The programme would expand the 30 June workforce by 65% and carries annual CTC equal to 33.1% of FY26 revenue before recruiting commissions and statutory costs.
- ENS held no registered intellectual-property rights at the RHP date. Its logo trademark application remained pending, while the company presented multiple proprietary SaaS products without reporting subscription revenue in FY24–FY26.
- The RHP lists five direct-tax and five GST proceedings against the company with an aggregate amount of about ₹0.86 crore, alongside historical delays in depositing statutory dues and filing returns.
- The accounting software's audit-trail feature was not enabled at database or application level throughout FY24–FY26. The auditor said it could not comment on possible tampering or statutory preservation of the edit log, creating a material financial-reporting-control gap at the point of listing.
- TDS payable of ₹63.54 lakh remained outstanding at 31 March 2026 according to the RHP. The company said it was in the process of depositing the amount, but the final offer-document set did not verify subsequent payment.
- The RHP lists 31 delayed corporate filings, including a 3,447-day ADT-1 delay, and notes irregularities in dates or signatures on some documents. It says no notice had been received and a company secretary was appointed as remediation, but the control improvement remains to be demonstrated through timely listed-company reporting.
- The statutory-payment history includes delays of up to 105 days for TDS, 106 days for EPF and 136 days for ESIC, while the March 2026 GST return was filed 66 days late. These repeated process failures make cash-governance and compliance execution more important than the absolute late fees alone.
- The RHP says experience certificates for both independent directors were not traceable. Alongside promoter Anupam Srivastava's December 2025 resignation from the whole-time-director role, this warrants scrutiny of board capability and the transition to public-company oversight.
- The RHP's FY26 contingent-liability summary prints 1,519.74 under 'other money for which the company is contingently liable' but does not state a unit on that page. The amount should not be converted to rupees until the company or a subsequent filing clarifies the unit and underlying exposure.
- The RHP identifies only group mediclaim and vehicle insurance while warning that coverage may not protect against every loss. It does not identify dedicated cyber, professional-indemnity or business-interruption cover despite software delivery, cloud and customer-data risks.
- Technology services face talent attrition, wage inflation, delivery delays, cyber incidents, data-privacy obligations, open-source licensing and intellectual-property disputes.
- BSE SME shares can have large minimum applications, limited liquidity, market-maker dependence and wide bid-ask spreads.
What to monitor after listing
- Revenue and gross margin split among one-time projects, recurring services and any future SaaS subscriptions, including whether product revenue moves above nil.
- Annual recurring revenue, customer churn, net retention, subscription contract length and product-development capitalisation.
- Issue price, basis of allotment and listing notices after BSE's 12.2529× post-close category book and the 10,26,000-share anchor allocation; reconcile the final price with the 3,15,30,000-share cap-price curve and the 38,400-share gap between BSE's category and floor-price totals.
- Top-customer concentration, contract renewals, unbilled revenue, receivable ageing and operating cash conversion.
- Renewal and pricing evidence for customers that are not covered by long-term or exclusive agreements, especially the 18.85% largest-customer exposure and 49.32% top-five share.
- Collections and impairment decisions on the ₹2.60 crore receivable balance older than six months, plus recovery of the ₹5.39 crore vendor advances and ₹2.73 crore inter-corporate deposit.
- Hiring pace, role mix, actual annual CTC, billable utilisation, employee attrition and revenue generated per technical employee from the ₹17.02 crore programme.
- Trademark registration, ownership of product code and domains, software-license compliance and any transition from project revenue to disclosed subscription economics.
- Use and counterparties of investments and inter-corporate deposits, debt repayment and future treasury policy.
- Valuation, impairment and sale discipline for the ₹6.03 crore Macobs holding while operating cash flow remains negative.
- Cash recovery and interest servicing on the ACME deposit, including a reconciliation of the ₹2.50 crore contractual facility to the ₹2.73 crore FY26 accounting balance.
- Utilisation, pricing and renewal of the 9.30% on-demand ICICI line, and any release of current-asset charges or promoter guarantees after fresh proceeds are deployed.
- Promoter/CFO concentration, related-party transactions, cyber incidents, contingent liabilities and BSE SME liquidity.
- Activation and preservation of the accounting audit trail, remediation of the 31 historical filing delays and timeliness of post-listing financial and statutory reporting.
- Payment evidence for the ₹63.54 lakh FY26 TDS balance and recurrence of GST, TDS, EPF or ESIC delays.
- Board refresh, verification of independent-director experience and management continuity after Anupam Srivastava's executive resignation.
- Clarification of the unit and components behind the RHP's 1,519.74 FY26 contingent-liability figure, related-party remuneration and director-payable balances.
- Cyber, professional-indemnity and business-interruption insurance limits, exclusions, claims and any post-listing enhancement of cover.
- The FY27 transition from IPO-funded salaries and software tools to internally funded recurring costs, including payroll run-rate, utilisation and operating cash flow after the 65-position hiring programme.
- Final depository lock-in schedule after allotment, including the 27,19,000-share three-year promoter contribution and the two excess-promoter blocks disclosed in the RHP.
- Revenue generated outside India, foreign-currency gains or losses and whether cross-border delivery develops into a repeatable customer base rather than isolated projects.
Valuation context
Across the ₹87–₹92 band, 1,35,94,912 post-issue shares imply an equity value of approximately ₹118.28–₹125.07 crore, or about 14.1–14.9× FY26 PAT of ₹8.40 crore. That headline multiple depends on the latest year's exceptional growth being durable and cash-generative.
At ₹92, the offer is 4.99× FY26 pre-issue NAV of ₹18.45. The RHP's 58.97% FY26 RoNW is also pre-issue: gross fresh proceeds equal 179.7% of FY26 net worth, so post-listing return ratios will depend on how quickly the enlarged payroll and technology base generates incremental cash earnings.
Adding the ₹33.14 crore cap-price fresh issue to ₹18.44 crore FY26 net worth gives an illustrative gross post-issue book value of ₹37.94 per share and 2.42× price-to-book before issue expenses. The RHP leaves after-issue NAV blank; this bridge isolates the mechanical capital effect from operating performance.
RHP peers such as ASM Technologies, InfoBeans and Silver Touch differ in scale, offshore mix, recurring revenue, service lines and cash conversion. SaaS product companies are even less directly comparable.
A normalized valuation should discount growth that requires rising receivables, investments or borrowing and separately value recurring SaaS only when retention and product revenue are disclosed.
ENS Enterprises IPO FAQs
What is the ENS Enterprises IPO price band?
The stated price band is ₹87–₹92. Offer terms should be checked against the final prospectus and exchange notices.
When does the ENS Enterprises IPO open and close?
The IPO is scheduled to open on 14 August 2026 and close on 18 August 2026. The stated listing date is 21 August 2026 (proposed in RHP).
What is the ENS Enterprises IPO issue size?
The stated total issue size is ₹33.14 Cr, comprising ₹33.14 Cr of fresh issue and ₹0 Cr of offer for sale.
What is the minimum lot for the ENS Enterprises IPO?
The stated minimum lot is 2400 shares.
What do the latest ENS Enterprises financials show?
For FY26, the offer documents report revenue of ₹51.37 Cr, EBITDA of ₹11.71 Cr and PAT of ₹8.4 Cr. Read these figures with the cash-flow, leverage and working-capital analysis on this page.
What is a key risk in the ENS Enterprises IPO analysis?
FY26 operating cash flow was negative ₹1.10 crore despite ₹8.40 crore PAT. Profit growth therefore did not translate into cash in the latest year.
How is the ENS Enterprises IPO valued?
Across the ₹87–₹92 band, 1,35,94,912 post-issue shares imply an equity value of approximately ₹118.28–₹125.07 crore, or about 14.1–14.9× FY26 PAT of ₹8.40 crore. That headline multiple depends on the latest year's exceptional growth being durable and cash-generative.